This week's key economic events in the United States will directly affect the global cryptocurrency market.
Important meetings and speeches from leaders indicate monetary policy trends, thereby strongly impacting the prices of Bitcoin and altcoins.
MAIN CONTENT
Four prominent U.S. economic events include the Trump-Zelensky meeting, the FOMC minutes, unemployment data, and the speech of Fed Chairman Powell.
The developments from these events are expected to determine the price direction of cryptocurrencies and investor sentiment.
Powell's speech is viewed as the 'key' to unlocking the next trend of the cryptocurrency market.
What important economic events are there this week in the United States?
This week, the United States hosts four key economic events: the Trump-Zelensky meeting on Monday, the FOMC minutes announcement on Wednesday, initial unemployment data on Thursday, and the speech of Fed Chairman Jerome Powell on Friday.
These events are highly relevant to the cryptocurrency market, as their outcomes and signals will affect monetary policy and global investment sentiment.
What impact will the Trump-Zelensky meeting on Monday have on the cryptocurrency market?
The summit between President Donald Trump and President of Ukraine Volodymyr Zelensky took place against the backdrop of tense international relations. However, from last month’s reality, Trump's meeting with President Putin only caused Bitcoin to drop by less than 2%, indicating that the cryptocurrency market does not react too negatively unless a major policy is announced.
Most experts predict that Bitcoin and other cryptocurrencies will remain stable unless the meeting produces decisions or unexpected geopolitical fluctuations.
What will the FOMC minutes reveal on Wednesday?
The FOMC meeting minutes from August 20 are particularly anticipated by investors as last month the Fed kept the interest rate at 4.25–4.5%, resulting in Bitcoin and the cryptocurrency market dropping by about 4%.
This minutes will reveal the next policy direction of the Fed, especially in the context of the U.S. economy slowing down and increasing political pressure. Information from here will show whether the Fed is leaning towards loosening or continuing to tighten.
Analysts commented, “the FOMC minutes will be an important pressure on cryptocurrencies, as if the Fed maintains a tightening policy, the market may face more turbulence.”
Insights from financial experts, August 2023
How will the initial unemployment claims on Thursday affect the market?
Recent unemployment claims in the United States dropped to 224,000, indicating a still strong labor market, although there are signs of cooling. However, the expected slight increase to 227,000 in the upcoming announcement is closely watched by investors to predict the Fed's interest rate cut potential.
In the cryptocurrency market, weaker data often increases expectations for rate cuts, potentially fueling Bitcoin and altcoin price surges.
Could Fed Chairman Powell's speech on Friday be a 'catalyst' for cryptocurrencies?
The speech of Fed Chairman Jerome Powell after the FOMC meeting is the most anticipated event this week. Most experts predict he will maintain a cautious stance, emphasizing new data before changing policy.
If Powell appears cautious, the market may be disappointed. Conversely, signals about the possibility of a rate cut or weak signs from the labor market could trigger a new price surge for Bitcoin.
Jerome Powell once emphasized, “we will closely monitor economic data before adjusting interest rate policy” (Speech at the August 2023 conference).
Jerome Powell, Fed Chairman, August 2023
Frequently Asked Questions
Which top economic events this week have the most impact on cryptocurrencies?
The speech of Fed Chairman Powell and the FOMC meeting minutes are considered the most important, determining the trend of monetary policy and market sentiment.
Could the Trump-Zelensky meeting cause significant Bitcoin price fluctuations?
Recent reality shows that similar meetings do not cause strong volatility unless there is a new policy or serious geopolitical conflict.
How does unemployment data affect cryptocurrency prices?
Weak data often raises hopes of a Fed rate cut, thereby supporting the price increase of Bitcoin and altcoins.
Why is Powell's speech the most notable?
Powell is the decision-maker for monetary policy. Any signal from him affects market expectations and cryptocurrency prices.
How to track economic events for effective cryptocurrency investment?
It is advisable to quickly update news from reputable channels and technical analysis to combine with economic data to make informed decisions.
Source: https://tintucbitcoin.com/su-kien-kinh-te-my-anh-huong-crypto-2/
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